Daily Pivots: (S1) 0.8784; (P) 0.8860; (R1) 0.9008; More…
EUR/GBP’s rally accelerates further to as high as 0.9267 so far. There is no sign of topping yet. Intraday bias stays on the upside for 200% projection of 0.8201 to 0.8720 from 0.8338 at 0.9376. Firm break there will target 0.9499 long term resistance. On the downside, below 0.8959 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.
